Poor Nations Spending More on Renewable Energy Sources?

Renewable energy sources: Poor nations

For many years, renewable energy resources have gained attention of many countries across the globe for their low production cost, energy efficiency, energy availability and less dependency on traditional methods. While it could be a popular belief that rich nations are investing and trying to harness the energy crisis in their nations by switching to renewables, it does not seem to be the reality.

Studies report that more than rich nations, poor nations are investing more in alternative energy like solar power and reaping more benefits. Benefits point towards growth over the past few years. Report state that the desirable outcomes are twice as high in poor nations when compared to rich nations.

What are the Study Details?

The study was conducted in 55 nations including Uruguay, Kenya, South Africa, China and Brazil. It was found that from 2008 till 2013, a cumulative of 142 gigawatts was installed by these 55 nations. The growth percent in economically backward nations was seen to be143, but the rich nations had only 84 percent to take credit for.

Why are Poor Nations Interested in Clean Energy?

It has been stated that clean energy is a viable option for poor nations because of its cost-effectiveness. Traditional methods, like producing energy from fossil fuels, are more expensive than or sometimes twice as expensive as renewables. For a country like Jamaica, relying on solar panels for energy is more efficient and cost-effective. Likewise, for Nicaragua, tapping onto wind energy is more affordable.

Why Rich Nations Lag Behind?

Sourcing energy from fossil fuels is expensive, but quite affordable for prosperous nations. This capacity to invest money in traditional methods is familiar and more convenient. This is a demotivating factor, causing these wealthy nations to lag behind in this energy-harnessing race. But as the traditional methods deplete, sooner wealthy nations will have to tap the potential of renewables in their countries.

Investment in Clean Energy

It was noted that the nations that took part in the study invested more than double the amount that was invested for promoting usage of alternative energy resources in 2007. If it was $59.3 billion invested in 2007, it rose to $122 billion in 2013. The numbers clearly indicate that the amount of certainty in investing renewable energy seems to have increased.

More poor nations are eagerly learning new lessons about harnessing renewable energy resources and using it to their advantage. New steps are being taken to enjoy the production of clean energy that is affordable.

The International Energy Agency has stated that by 2040, the energy from hydropower and other renewables will be able to support half of the energy needs for growth in Africa.

Price cuts in solar panels and the introduction of battery for storing solar energy has come as a boon to countries that have adopted renewable energy methods. Within their limited budgets, they could make use of solar energy in almost all aspects in life – even use the power during natural calamities! This only point towards a better future in these countries in terms of good education, good health facilities and steady growth.

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